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FAIRFIELD COUNTY, Conn. - Prudential Connecticut Realty just released its third quarter market report, which states that Connecticuts residential real estate market is continuing its rebound.

Home prices have slowed their decline and are moving closer to leveling off, providing a backdrop for a more stable recovery, according to the report.

Signs of a recovering real estate market are apparent as each of Connecticut's eight counties saw gains in closed sales and new deposits this quarter, Peter Helie, Chairman and CEO of Prudential Connecticut Realty, said on the companys website.

But the report also stated that in Fairfield County, sales of luxury single-family homes -- those valued at $2 million and above -- dropped 7.8 percent in the third quarter, and the median price of those homes fell three percent to $2,745,000.

Mirroring the overall state numbers this quarter, sales in Greenwich fell 11.9 percent compared to the third quarter of 2011, stated the report. But the median price rose 7.4 percent to $3,330,000, which, according the report, is a sign of a potential bottoming of prices overall.

The report said pending contracts continued to rise for single-family homes and condominiums, and deposits for single-family homes are rising for the third straight quarter. Furthermore, the rental market is showing signs that more people are looking to purchase rather than rent, a possible result of the strong growth in properties for sale.

While median price declines have slowed and sales activity has grown, Connecticuts two main economic factors to watch are job growth and home prices. The overall job picture will be an important indicator of growth potential for the housing market in 2013 as home prices are expected to level off early next year.